MON 06 DEC, 2021-theGBJournal- Nigeria’s Merchandise Trade grew as imports increased significantly resulting in an unfavorable trade balance in Q3, 2021, according to data on Foreign Trade in Goods Statistics (Q3 2021) published today by the National Bureau of Statistics (NBS). The data shows only a marginal 1% growth in export.
Trade Balance in the period under review amounted to a deficit of N3,023.50 billion showing an increase of 26.53% year on year resulting from a continued increase in imports.
Export in the third quarter 2021 was still oil-dependent. Crude oil exports recorded N4,026.18 billion and it remained the major product in total exports (78.48%), while non-crude oil was valued at N1,104.1 billion or 21.52% of total exports of which Non-oil products only contributed N546.27 billion representing 10.65% of total exports during the quarter under review.
In third quarter 2021, Nigeria exported products were mostly to Europe (N2,230.10 billion), Asia (N1,480.58 billion), Africa (N668.22billion), and America (N625.68billion). Among exports to Africa, N346.8 billion (51.90%) of goods were exported to ECOWAS countries. In terms of country of destination, India remained the top exporting partner for Nigeria in the reviewing quarter.
The five top exports partners are India, Spain., Italy, France, and the Netherlands, whose values stood at N758.18billion (14.78%), N627.01billion (12.22%), N446.04billion (8.69%), N363.23 billion (7.08%), and N242.49billion (4.73%) respectively. These five countries accounted for 47.50% of the total exports in Q3, 2021.
In the quarter under review, the NBS data showed that most imported products were from Asia, Europe and America, these regions contributed 51.12%, 33.48% and 11.30% of the total imports respectively.
Nigeria’s import trade by direction showed that imported goods were mostly from China, India, the USA, Netherland and Belgium, which respectively accounted for 29.95% (N2,441.79 billion), 8.71% (N710.35 billion), 7.35% (N599.12 billion), 6.80% (N554.23 billion) and 5.32% (N434.11 billion).
China remained the top importing partner for Nigeria in Q3 2021, this was followed by India. Import from Africa accounted for N247.66 billion (3.04%) while import from the Economic Community of West African States (ECOWAS) accounted for N26.69 billion of the total imports value from Africa during the period under review.
Highlights
Total Imports value stood at N8,153.79 billion in Q3 2021, 17.32% higher than Q2 2021 and 51.47% higher than Q3 2020.
The value of Imported Agricultural goods was 21.01% higher than the value recorded in Q2, 2021 and 74% higher than Q3 2020.
The value of Raw material imports was 9.08% more than Q2, 2021, and 29.06% more than the value in Q3 2020.
Solid Minerals imports in Q3 2021 increased by 10.93% compared to Q2 2021 and 53.42% compared to Q3 2020.
Energy goods imports in Q3 2021 were 408.51% more than Q2 2021 and 24.14% more than Q3 2020.
Manufactured goods imports value was 13.98% higher in Q3 2021 than the level in Q2 2021 and 42.73% more than Q3 2020.
Oil products imports value was 34.60% more than in Q22021 and 113.18% higher than Q3 2020.
In contrast, the value of Total Exports stood at N5,130.30billion in Q3, 2021 representing a marginal increase of 1% over Q2 2021 and 71.38% over Q3 2020.
Agricultural goods export value in Q3, 2021 was 5.9% lower than Q2 2021 but 31.0% higher than Q3 2020.
Raw material exports value increased by 135.2% in Q3 2021 against the level in Q2 2021 and 1,241.1% higher than Q3 2020.
Solid Minerals exports value in Q3 2021, increased by 22.7% compared to Q2 2021 and 222.8% compared to Q3 2020.
Energy goods exports value in Q3 2021 was 58% lower than Q2 2021 and 34.5% lower than the value in Q3 2020.
Manufactured goods exports were 39.4% more than the value in Q2 2021 and 121.6% higher than Q3 2020.
Crude Oil exports in Q3 2021 were 1.3% lower than the value recorded in Q2 2021 but 66% higher than Q3 2020.
Other oil products exports in Q3 2021 were 3.6% more in value than in Q2 2021 and 57.8% higher than Q3 2020.
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